Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced the completion of a longevity reinsurance transaction with Cincinnati-based Western & Southern Financial Group (Western & Southern), a diversified family of financial services businesses and one of the strongest life insurance groups in the world. The US$ 1.7 billion longevity swap transaction covers approximately 11,000 single premium immediate annuity contracts.
“As demand for longevity risk management tools increases across the U.S., RGA is eager to work with clients to develop solutions that meet their specific needs,” said David Lipovics, Vice President, U.S. Pension Risk Solutions, RGA. “We credit our strong relationship with Western & Southern, as well as the dedicated teams from both companies, who collaborated exceptionally well to design, structure, and effectively complete this transaction.”
“Our relationship with RGA is a valuable part of our overall risk management strategy, making them an ideal partner for this transaction,” said Jacob Steuber, Vice President, Actuarial Analysis, Western & Southern. “RGA was able to customize a solution that helps us maintain a desirable risk profile while continuing to offer competitive retirement solutions, and their support through this transaction and continued partnership into the future are greatly appreciated.”
The transaction will be effective as of March 31, 2022. Additional terms of the transaction are not being disclosed.